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Mortgage Loan Programs

Mortgage loan programs are constantly changing, evolving to reflect current market conditions. A licensed, mortgage loan specialist at Envoy Mortgage will be able to help you determine which program best suits you.

The following information will give you a broad overview of the many different types of mortgage loan programs that you could consider. Each home loan program is distinct and has many different requirements that are related to the borrower and also the property. A mortgage loan specialist at Envoy Mortgage will be able to further assist and give you the information you need about mortgage loan programs available to you.

Types of Mortgage Loan Programs

Conforming

Fixed Rate Mortgages

Fannie Mae DU Refi Plus

Freddie Mac Relief Refi

Fannie Mae MyCommunity Mortgage

Fannie Mae Flex 97

Fannie Mae HomePath Mortgage

Adjustable Rate Mortgages

Non-Conforming (Jumbos)

Fixed Rate Mortgages

Adjustable Rate Mortgages

Government

FHA

VA

Reverse Mortgage

USDA Guaranteed Rural Development

Private Mortgage Insurance

Private mortgage insurance is required for any loan that has a down payment of less than 20% and is put in place for protection of the lender in case the borrower defaults on the loan.

Credit Scoring

Credit scores are numerical values based on the analysis of a person’s credit history. The values represent the creditworthiness of the person, based on the information provided from credit bureaus.

Down Payments

Saving for a down payment is the first step in buying a home. Down payment amounts will always vary based on the individual’s credit history, income, cost of the home, and type of mortgage chosen.

Mortgage Rates

The first step to purchasing or refinancing a home is finding a mortgage lender. Mortgage lenders can be banks, credit unions, or financial institutions that are responsible for funding your loan.

Purchasing a Home

Purchasing a home is quite possibly the largest investment you will ever make, it takes careful planning and consideration. When figuring out which houses you may be interested in you must first consider what you can afford, and what the lender will approve you for.

Refinancing a Home

When mortgage rates are low, many people chose to refinance their loan in order to lower their monthly mortgage payments. Refinancing also allows you to borrower more money than what is owed on your home if you need money to pay off other debts.

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Housing Market Update

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Purchasing a Home?

Turn the home of your dreams into reality. Whether you are buying your first home, second home, or vacation property, use this FREE self-help tool to determine exactly what type of purchase loan is best for you.

Need to Refinance?

Save money by taking advantage of the lowest rates available. Whether you are looking to lower your rate, lower your monthly payment, or tap into your home's equity, use our online application to determine exactly what type of refinance solution is best for you.

Consolidating Debt?

Use your home to help eliminate bad debt and bundle your bills into one easy monthly payment. Whether you need to pay off high-interest credit cards, put your kids through college, or you just need cash now, use our online application to determine exactly what type of debt consolidation program is best for you.

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Mortgage Length	Years	Monthly Principal + Interest
Interest	%	Monthly Tax
Loan Amount		Monthly Ins
Annual Tax		Total Monthly Payment
Annual Insurance